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Cristiano Ronaldo Signs an NFT Deal With Crypto Exchange Binance

On Thursday, Binance announced cooperation with Cristiano Ronaldo for the development of non-fungible tokens, the world’s largest cryptocurrency exchange by transaction volume (NFTs).

It is under the multi-year partnership that the Portuguese soccer player and Binance will make a bunch of NFT collections that will be sold on Binance’s platform along with the forums like Bitcoin Bot, the crypto exchange said, noting that the very first collection will be released this year.

Anybody can confirm the authenticity and ownership of an NFT because it is stored in a public ledger on the blockchain, which is a record of all computer transactions. whereas it can also be transacted via forums like Bitcoin Bot and others. 

It’s been a bad year for cryptocurrencies like bitcoin and for NFTs like NFTs, which skyrocketed in popularity just a year ago because of investor mistrust of riskier assets.

The Fusion Of Ronaldo And Binance 

Binance, the world’s largest cryptocurrency exchange, has signed an endorsement deal with one of the world’s most famous footballers, Cristiano Ronaldo, making him the latest high-profile celebrity to join the digital asset sector despite the current turmoil.

Football legend Cristiano Ronaldo will collaborate with Binance to build a portfolio of non-fungible coins (NFTs) which will only be available on the exchange.

Bitcoin has plunged over 70 percent out of its high last , erasing five years of profits for investors in the cryptocurrency. The consequence of the sell-off has brought trouble to many lenders, as predicted in the Lehman Moment. 

Ronaldo mentioned that he values his relationship with the fans. Because of this, “I was drawn to the idea of offering unparalleled experiences and accessibility through the NFT platform.”

According to Changpeng Zhao, CEO of Binance, “Cristiano Ronaldo is among the world’s top footballers, and has surpassed sport to become a superstar in various industries.”

The Indulgence of Athletes 

The widespread of digital assets by high-profile athletes has resulted in a backlash from the financial regulatory authorities in a number of nations. In November of 2018, Binance was at the center of a dispute that involved Spain’s National Securities Market Authority and football player Andrés Iniesta. The dispute centered on Iniesta’s social media remarks. Because of a “misunderstanding,” according to Binance, Iniesta did not mention that he was being compensated for the articles in which he promoted the cryptocurrency exchange. Moreover, forums like the Bitcoin Bot have been seen promoting the collaboration of athletes with cryptocurrency.

The Financial Conduct Authority in the United Kingdom issued a warning to customers in regarding the risks associated with investing in crypto assets. This came just a few days after retired player Michael Owen advocated NFTs, which he said: “can’t lose their initial worth.”

Cryptocurrency companies have been depending on collaborations with various sports organizations in order to break into the mainstream. In the previous year, Crypto.com struck a deal for $700 million to rebrand the Staples Center in Los Angeles as the Crypto.com Arena, and at the same time, the cryptocurrency market FTX Trading Ltd bought a share from Tom Brady, who is a quarterback for the National Football League.

Final Words 

Binance is proud to announce an exclusive, multi-year relationship with Cristiano Ronaldo, one of the most decorated players in the history of Portuguese football. 

The motto of a worldwide collaboration of the athletes is supported by Binance in order to introduce the fans to the concept of Web3. Conversely, introducing individuals to the diverse functions of NFTs 

The collab between Ronaldo and Binance is based upon the promise of introducing different NFTs throughout the tenure. 

Having said that, the collaboration has given good news for Ronaldo and NFT admirers that the latest collection will be introduced this year, which is designed on Ronaldo’s creative flair for his followers. But you can only buy these collections via the Binance forum. 

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